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Cheyney University of Pennsylvania, whose future has been clouded by financial problems and a threat of losing its accreditation, has raised $4.4 million from donors and a state grant, leaving it with a surplus for the first time in eight years, The Philadelphia Inquirer reported.
Cheyney, a historically black institution that is among the more vulnerable of the 14 members of the Pennsylvania State System of Higher Education, has been under pressure to stabilize its finances to avoid losing its regional accreditation. President Aaron Walton told the Inquirer that he was "cautiously optimistic" that the institution would persuade the Middle States Commission on Higher Education in November that it warrants continued accreditation, citing rising enrollment numbers and the improved fund-raising and financial situation.
The financial picture was buoyed significantly by a $2.5 million "unrestricted grant" from the Pennsylvania Department of Education, which Cheyney requested in April as necessary for it to meet payroll for the rest of the year.
